Banking Circle announced a partnership with Ant Group to work on a liquidity management project, exploring technology innovations on tokenized deposits which will improve efficiency and speed of global fund settlements.
Banking Circle infrastructure and the blockchain platform developed by Ant Group will be leveraged to issue and distribute the tokenized deposits. The blockchain platform can facilitate cross-border payments and liquidity management more efficiently, according to a company statement. Alongside liquidity management benefits, the structure is Web3 compatible and provides further opportunities for cost-saving with FX and additional currencies to follow shortly.
Laust Bertelsen, CEO of Banking Circle, said in a statement: “Banking Circle is excited to work with Ant Group to pioneer innovations for global treasury management. Looking ahead, the two companies will continue to collaborate and strengthen our relationship globally.”
Kelvin Li, head of Global Fund Platform of International Business Group at Ant Group, said in a statement: “We are glad to partner with Banking Circle on technology innovations for tokenization, which is aimed at improving the efficiency of liquidity and corporate treasury management, and facilitate the development of scalable and sustainable fintech solutions.”
Banking Circle, a Luxembourg based bank, provides a suite of award-winning banking solutions, including bank connections for local clearing and cross-border payments, multi-currency accounts, Virtual IBANs and Correspondent and Agency Banking solutions.